BP: No Bonuses For Heads Of Gulf Operations
BP will not give bonuses to two executives who ran the oil giant's Gulf of Mexico operations last year: former CEO Tony Hayward, and the former head of exploration and production Andy Inglis.
That news was announced in BP's first annual report since the disastrous Deepwater Horizon explosion last April, which killed 11 rig workers and set off the worst offshore oil spill in U.S. history. It also coincides with new calls in America to find alternate sources of oil.
Reporting for Newscast, here's Debbie Elliott:
In a video introduction to the document, CEO Bob Dudley says the tragedy shocked and saddened the company.
"2010 stands as an inflexion point for BP and our industry," Dudley said. "We understand that a return to business as usual is not an option."
Dudley will not be getting a bonus for 2010, either.
As for Hayward, he's now working at TNK-BP, a joint venture between BP and Russia's third-largest oil company. The AP reports that his annual salary there is almost $150,000.
The AP contacted some folks around the Gulf to ask their reaction to BP's decision to withhold some bonuses:
Mississippi shrimper James A. Miller, who estimates he lost up to $70,000 in revenue due to the oil spill, said the BP executives should be held accountable for the "poor decisions they've made."
"Taking money from them is the least they could do," Miller said.
Anthony Kennon, mayor of Orange Beach, Ala., whose community was hard hit by the oil spill, said he was not surprised by the BP decision on bonuses.
"Commonsense would dictate that bonuses are predicated on performance and the oil spill in the Gulf is indicative of poor performance to me," Kennon said.
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